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Wednesday, 17 June 20
MARKET INSIGHT - INTERMODAL
 After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the developments regarding the pandemic outbreak and geopolitical tensions to the challenges that the sector is now facing. The considerable slowdown in momentum is evident on rates across the board, with expectations for the remainder of the year being gloomy so far.
During the past months, the steep drop in oil products demand caused by COVID-19 had been overshadowed by the developments on oil supply and prices. When Russia and Saudi Arabia, two of the biggest oil producing countries, engaged in a price war back in April, they flooded the market with millions of extra barrels each day, pushing prices to unprecedented lows. At the same time, demand was collapsing. Contango markets were shaped and encouraged traders to buy and store oil on shore and on vessels like never before. Tonnage availability was tight and freight rates climbed to record levels. Indicatively, VLCC earnings reached as much as USD 280,000 per day during April, whereas the ‘clean’ products trade of LR2 and LR1 ships reached about USD 170,000 per day and USD 115,000 per day respectively.
However, since then, the market woke up to reality of poor demand for products globally, while at the same time the contango play is no longer attractive with oil prices having moved up to much healthier levels. More and more vessels used as storage are now entering the market, when at the same time refineries around the world are cutting production in order to adjust to poor demand. The effects on the freight market are already evident. At the time of this writing, VLCCs are earning USD 40-50,000 per day, LR2s about USD 20,000 per day and LR1s as low as USD 10,000 per day.
Taking into account that oil products account for about 60% of the transportation demand and that many parts of the world are still under lockdown and face travel restrictions, the outlook for the rest of the year is rather challenging. The Energy Information Administration (EIA) estimates that global oil demand will be about 8m bpd lower in 2020 than last year. Major products’ demand such as gasoline and jet fuel are down about 17% and 60% respectively since the beginning of the year and the recovery appears to be slow. In shipping terms, this would be more than 6% decrease in demand for product tankers this year, while the fleet growth in the sector is expected to be about 0.7%.
It seems that for as long as the economic impact from the pandemic keeps unravelling, global demand will remain restricted and uncertainty will keep prevailing in the tanker market, adding more pressure to freight rates as a result.
By Stelios Kollintzas
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 12 May 20
CAN INDONESIA'S COAL INDUSTRY SURVIVE COVID-19? : IEEFA
Pandemic Lockdown and Slumping Prices Put Extreme Pressure on Coal Miners
Executive Summary
While attention has been focused on th ...
Tuesday, 12 May 20
INDIA'S COAL PRODUCTION TO CLOCK RECORD 700 MILLION TONNES IN FY21: COAL SECRETARY - PTI
Coal Secretary Anil Jain said FY20 coal production was lower than the target of 660 million tonnes because of flooding of a key coal mine.
&nbs ...
Monday, 11 May 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Monday, 11 May 20
CORONAVIRUS PUTS MORE THAN A THIRD OF SEABORNE COAL SUPPLY AT RISK - WOOD MACKENZIE
The full impact of the coronavirus outbreak on the global economy is yet unclear. However, the demand destruction is already becoming evident, with ...
Saturday, 09 May 20
ANGLO AMERICAN CONSIDERS SPINNING OFF SOUTH AFRICAN COAL OPERATIONS - REUTERS
Diversified miner Anglo American said on Thursday it prefers unbundling and listing its thermal coal operations in South Africa on the Johannesburg ...
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- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Planning Commission, India
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Australian Coal Association
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
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